A group of the largest creditors in Detroit's chapter 9 case are pushing for an independent valuation of the Detroit Institute of Arts' 66,000-piece collection, Reuters reported yesterday. The creditors include Financial Guaranty Insurance Company, Syncora Guarantee Inc. as well as the city's largest labor union, American Federation of State, County and Municipal Employees Council 25, according to the filing. In a motion filed yesterday, the creditors asked Judge Steven Rhodes to appoint a committee that will consider "a wide range of potential options to monetize the art." Earlier this year, the city of Detroit hired auction house Christie's to value the art, but creditors said in the filing that the city has not taken steps to "test the market value" of the artwork, which includes works by Vincent van Gogh, Henri Matisse and Rembrandt.
